Toyotas operations are subject to currency and interest rate fluctuations.

Toyota is
sensitive to fluctuations in foreign currency exchange rates and is principally exposed to fluctuations in the value of the Japanese yen, the U.S. dollar and the euro and, to a lesser extent, the Australian dollar, the Canadian dollar and the
British pound. Toyotas consolidated financial statements, which are presented in Japanese yen, are affected by foreign currency exchange fluctuations through both translation risk and transaction risk. Changes in foreign currency exchange
rates may affect Toyotas pricing of products sold and materials purchased in foreign currencies. In particular, strengthening of the Japanese yen against the U.S. dollar can have an adverse effect on Toyotas operating results. The
fluctuation of the Japanese yen against other currencies including the U.S. dollar has been particularly great in the past year. If the Japanese yen further rapidly appreciates against other currencies, including the U.S. dollar, Toyotas
financial condition and results of operations may be adversely affected.

Toyota believes that its use of certain derivative financial
instruments including interest rate swaps and increased localized production of its products have reduced, but not eliminated, the effects of interest rate and foreign currency exchange rate fluctuations. Nonetheless, a negative impact resulting
from fluctuations in foreign currency exchange rates and changes in interest rates may adversely affect Toyotas financial condition and results of operations. For a further discussion of currency and interest rate fluctuations and the use of
derivative financial instruments, see Operating and Financial Review and Prospects  Operating Results  Overview  Currency Fluctuations, Quantitative and Qualitative Disclosures About Market Risk, and notes
20 and 21 to Toyotas consolidated financial statements.

Toyotas operations are subject to currency and interest rate fluctuations.

Toyota is sensitive to fluctuations in foreign currency exchange rates and is principally exposed to fluctuations in the value of the Japanese yen, the
U.S. dollar and the euro and, to a lesser extent, the Australian dollar, the Canadian dollar and the British pound. Toyotas consolidated financial statements, which are presented in Japanese yen, are affected by foreign currency exchange
fluctuations through both translation risk and transaction risk. Changes in foreign currency exchange rates may affect Toyotas pricing of products sold and materials purchased in foreign currencies. In particular, strengthening of the Japanese
yen against the U.S. dollar can have a material adverse effect on Toyotas operating results.

Toyota believes that its use of certain derivative financial instruments including interest rate swaps
and increased localized production of its products have reduced, but not eliminated, the effects of interest rate and foreign currency exchange rate fluctuations, which in some years can be significant. Nonetheless, a negative impact resulting from
fluctuations in foreign currency exchange rates and changes in interest rates may adversely affect Toyotas financial condition and results of operations. For a further discussion of currency and interest rate fluctuations and the use of
derivative financial instruments, please see Operating and Financial Review and Prospects  Operating Results  Overview  Currency Fluctuations, Quantitative and Qualitative Disclosures About Market Risk, and
notes 20 and 21 to Toyotas consolidated financial statements.

Toyotas
operations are subject to currency and interest rate fluctuations.

Toyota is sensitive to fluctuations in foreign currency exchange
rates and is principally exposed to fluctuations in the value of the Japanese yen, the U.S. dollar and the euro and, to a lesser extent, the Australian dollar and the British pound. Toyotas consolidated financial statements, which are
presented in Japanese yen, are affected by foreign currency exchange fluctuations through both translation risk and transaction risk. Changes in foreign currency exchange rates may affect Toyotas pricing of products sold and materials
purchased in foreign currencies. In particular, a strengthening of the Japanese yen against the U.S. dollar can have a material adverse effect on Toyotas operating results.

Toyota believes that its use of certain derivative financial instruments and increased localized production of its products have reduced, but not
eliminated, the effects of interest rate and foreign currency exchange rate fluctuations, which in some years can be significant. Nonetheless, a negative impact resulting from fluctuations in foreign currency exchange rates and changes in interest
rates may adversely affect Toyotas financial condition and results of operations. For a further discussion of currency and interest rate fluctuations and the use of derivative financial instruments, please see Operating and Financial
Review and Prospects  Operating Results  Overview  Currency Fluctuations, Quantitative and Qualitative Disclosures About Market Risk, and notes 20 and 21 to Toyotas consolidated financial statements.

Toyotas operations are subject to currency and interest rate
fluctuations.

Toyota is sensitive to fluctuations in foreign currency exchange rates and is principally exposed to fluctuations in
the value of the Japanese yen, the U.S. dollar and the euro and, to a lesser extent, the Australian dollar and the British pound. Toyotas consolidated financial statements, which are presented in Japanese yen, are affected by foreign currency
exchange fluctuations through both translation risk and transaction risk. Changes in foreign currency exchange rates may affect Toyotas pricing of products sold and materials purchased in foreign currencies. In particular, a strengthening of
the Japanese yen against the U.S. dollar can have a material adverse effect on Toyotas operating results.

Toyota believes that its
use of certain derivative financial instruments and increased localized production of its products have reduced, but not eliminated, the effects of interest rate and foreign currency exchange rate fluctuations, which in some years can be
significant. Nonetheless, a negative impact resulting from fluctuations in foreign currency exchange rates and changes in interest rates may adversely affect Toyotas financial conditions and results of operations. For a further discussion of
currency and interest rate fluctuations and the use of derivative financial instruments, please see Operating and Financial Review and Prospects  Operating Results  Overview  Currency Fluctuations, Quantitative
and Qualitative Disclosures About Market Risk, and notes 20 and 21 to Toyotas consolidated financial statements.

Toyotas operations are subject to currency and interest rate fluctuations.

Toyota is sensitive to fluctuations in foreign currency exchange rates and is principally exposed to fluctuations in the
value of the Japanese yen, the U.S. dollar and the euro and, to a lesser extent, the Australian dollar and the British pound. Toyotas consolidated financial statements, which are presented in Japanese yen, are affected by foreign currency
exchange fluctuations through both translation risk and transaction risk. Changes in foreign currency exchange rates may affect Toyotas pricing of products sold and materials purchased in foreign currencies. In particular, a strengthening of
the Japanese yen against the U.S. dollar can have a material adverse effect on Toyotas operating results.

Toyota believes that its use of certain derivative financial instruments and increased localized production of its products have reduced, but not
eliminated, the effects of interest rate and foreign currency exchange rate fluctuations, which in some years can be significant. Nonetheless, a negative impact resulting from fluctuations in foreign currency exchange rates and changes in interest
rates may adversely affect Toyotas financial conditions and results of operations. For a further discussion of currency and interest rate fluctuations and the use of derivative financial instruments, please see Operating and Financial
Review and Prospects  Operating Results  Overview  Currency Fluctuations, Quantitative and Qualitative Disclosures About Market Risk, and notes 20 and 21 to Toyotas consolidated financial statements.